United Airlines passengers can now pay for in-flight purchases through PayPal Holdings Inc (NASDAQ: PYPL) even when there is no Wi-Fi connection. The service that will be made available in flight from Chicago O’Hare International Airport in November works by showing the flight attendant a Q.R. code that allows you to buy snacks. United Airlines is the first airline to offer the service. It will be made available to other regions by the end of 2021.
Bernstein Liebhard files lawsuit against PayPal
Despite PayPal’s new partnership with United Airlines, it is still not above controversy. Bernstein Liebhard, an investor rights law firm, is filing a class-action lawsuit on behalf of investors who purchased PayPal securities between February 9, 2017, and July 20, 2021. The firm has brought charges of violations of the Securities Exchange Commission (SEC) Act of 1934.
The law firm alleges that PayPal made false and misleading statements by failing to disclose procedures and controls. It also used practices in paying interchange rates related to debit cards that were not compliant with regulations.PayPal shares have gone down by 11.29% in the last month. Analysts have estimated that the company will have an EPS OF $1.07 AND $6.22 billion in revenue.
PayPal is hosting pages for groups that spread COVID-19 misinformation
More controversy follows the company as reports that it is hosting crowdfunding and donation pages for groups that spread misinformation on vaccines and COVID-19. These groups are the Evidence-Based Medicine Consultancy Ltd, Urban Global Health Alliance, Children Health Defense, America’s Frontline Doctors, and Front Line COVID-19 Critical Care Alliance.
Meanwhile, a study shows that PayPal is the preferred buy now, pay later (BNPL) platform among American teens in a survey of 10,000 teens with an average age of 15.8. The PayPal BNPL services allow users to split payments into four over six weeks with no fees.
The company’s Senior Vice President of Global Fraud Risk and Digital Identity, Arthi Rajan Makhija, has said that the company is now exploring other ways to protect users from fraud as passwords are not as effective as they used to be. These include a combination of fingerprint biometrics, facial recognition, and device-level data such as location.
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